May 13, 2014
Digital currencies and fintech
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E-Money: Efficiency, Stability and Optimal Policy
What makes e-money more special than cash? Is the introduction of e-money necessarily welfare enhancing? Is an e-money system necessarily stable? What is the optimal way to design an efficient and stable e-money scheme? -
The Efficiency of Private E-Money-Like Systems: The U.S. Experience with State Bank Notes
In the United States prior to 1863 each bank issued its own distinct notes. E-money shares many of the characteristics of these bank notes. This paper describes some lessons relevant to e-money from the U.S. experience with state bank notes. -
Electronic Money and Payments: Recent Developments and Issues
The authors review recent developments in retail payments in Canada and elsewhere, with a focus on e-money products, and assess their potential public policy implications. -
April 2, 2014
Briefing on Digital Currencies
In an educational session on e-money to the Senate of Canada’s Standing Committee on Banking, Trade and Commerce. Grahame Johnson and Lukasz Pomorski highlight recent innovations in Canada’s payments system and the economic needs that these innovations satisfy. -
Some Economics of Private Digital Currency
This paper reviews some recent developments in digital currency, focusing on platform-sponsored currencies such as Facebook Credits. -
The Electronic Purse: An Overview of Recent Developments and Policy Issues
Futurists have been speculating about the prospects for a cashless society for many years, and such predictions became more frequent following the introduction of "smart" cards - cards containing a computer chip - in the mid-1970s.
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